Advanced Ionics, the developer of a new category of hydrogen electrolysers useful for expanding green hydrogen production, closed a $12.5 million Series A financing led by bp ventures, with additional investors including Clean Energy Ventures, Mitsubishi Heavy Industries, and GVP Climate.
The new capital will help catalyse Advanced Ionics’ growth and facilitate the initial deployment of its Symbion water vapor electrolyser technology for heavy industry. Water vapor electrolysers address two of the biggest obstacles to expanding green hydrogen production: cost and electricity requirements.
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“bp ventures’ investment in Advanced Ionics is a powerful backing of our technology’s potential to help accelerate green hydrogen’s future and heavy industry’s shift towards decarbonisation,” Advanced Iconics CEO Chad Mason said.
“The results we’ve achieved in our testing along with early customer interest have indicated that we are an ideal technology provider for industrial customers looking to augment, expand or replace their existing hydrogen production facilities with green hydrogen.”
The company’s water vapor electrolyser helps reduce the cost and electricity requirements for green hydrogen production by symbiotically integrating with standard industrial processes to harness available heat. The system is made of widely available steels and other simple materials rather than expensive metals or materials common in other electrolysers.
Electricity use accounts for more than 70% of green hydrogen production costs. Advanced Ionics’ electrolyser stack requires less than 35kWh per kilogram of produced hydrogen compared to more than 50kWh per kilogram for typical electrolysers. This lower electricity requirement could make green hydrogen accessible for less than $1 per kilogram at scale.
“Advanced Ionics’ technology has the potential to drive down cost and disrupt the hydrogen market,” bp ventures vice president Gareth Burns said.
“bp has a global portfolio of hydrogen projects, and as the world transitions to a net zero future, it’s important to us to be investing in these technologies and advance the track to deploying green hydrogen. We look forward to working with Advanced Ionics on the next stage of its growth.”
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Advanced Ionics will use the funds to expand its team and deliver its next-generation electrolyser systems to early customers. The company is already demonstrating the efficacy of its product through a pilot program with global energy company Repsol Foundation.
In addition to bp Ventures’ investment, bp will also be exploring pilot opportunities with Advanced Ionics.